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The Zimbabwean government has launched a new currency, called ZiG, which came into effect this Monday, April 8, 2024.
This measure will put an end to the currency crisis and replace the previous currency, which has been depreciated in recent months and rejected by the population.
The Zimbabwean dollar has come under sustained pressure in recent weeks, making it one of the world’s worst-performing currencies.
Since January, the currency has lost over 70% of its value on the official market, and is collapsing even further on the thriving but illegal black market.
The governor of the Reserve Bank of Zimbabwe, John Mushayavanhu, has declared that the new currency will be called ZiG.
It will be pegged to gold reserves and a basket of foreign currencies.
